Table of Contents
1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 12
2 China Energy Sector 13
2.1 China Energy Sector, Market Overview 13
2.2 China Energy Sector, Crude Oil 14
2.2.1 China Crude Oil, Overview
14
2.2.2 China Crude Oil, Supply and Demand Balance 14
2.2.3 China
Crude Oil, Regulatory Structure 21
2.2.4 China Crude Oil, Infrastructure
22
3 China Fiscal Regime 23
3.1 China Petroleum Fiscal Environment
23
3.2 License Terms 24
3.3 Key Fiscal Terms 25
3.4 Sample
Cashflows Calculations 30
4 China Oil Upstream Investment Environment
Benchmarking 31
4.1 Introduction 31
4.2 The Overall Ranking 31
4.3
Upstream Fiscal Attractiveness 32
4.3.1 Maximum Government Take Index
33
4.3.2 Maximum State Participation 33
4.4 Oil Sector Performance
34
4.4.1 Exploration Activity 36
4.4.2 Oil Production 37
4.4.3 Oil
Reserves 37
4.4.4 Oil Consumption 38
4.4.5 Refining Industry 38
4.5 Economic Performance 38
4.5.1 GDP Growth Index 40
4.5.2 FDI
Confidence Index 40
4.5.3 Balance of Trade Index 41
4.6
Socio-Political Performance 41
4.6.1 Democracy Index 43
4.6.2
Governance Index 43
5 China Exploration and Production Sector 44
5.1
China Exploration and Production Sector, Country Snapshot 44
5.1.1 China
Exploration and Production Sector, Key Data 44
5.1.2 China Exploration and
Production Sector, Crude Oil Assets Map 44
5.2 China Exploration and
Production Sector, Gross Crude Oil Production 45
5.2.1 China Exploration
and Production Sector, Gross Crude Oil-Historical Production 45
5.2.2
China Exploration and Production Sector, Gross Crude Oil Production by Assets
46
5.2.3 China Exploration and Production Sector, Gross Equity Weighted
Crude Oil Production by Company 47
5.2.4 China Exploration and Production
Oil Sector, Market Share (%) based on Gross Equity Weighted Crude Oil
Production 49
5.3 China Exploration and Production Sector, Gross Crude Oil
Forecasts 50
5.3.1 China Exploration and Production Sector, Gross Crude
Oil Forecasted Production 50
5.3.2 China Exploration and Production
Sector, Gross Revenue Forecast 51
5.3.3 China Exploration and Production
Sector, Government Take Forecast 52
5.3.4 China Exploration and Production
Sector, Contractor Take Forecast 53
5.4 China Exploration And Production
Sector, Crude Oil Asset Details 54
5.4.1 China Exploration And Production
Sector, Active Crude Oil Asset Details 54
5.4.2 China Exploration And
Production Sector, Planned Crude Oil Asset Details 55
6 China Pipeline
Sector 56
6.1 China Pipeline Sector, Key Data 56
6.2 China Pipeline
Sector, an Overview 56
6.3 China Pipeline Sector, Comparision of Key Crude
Oil Pipeline Companies 56
6.4 China Pipeline Sector, Comparision of Key
Petroleum Product Pipeline Companies 57
6.5 China Pipeline Sector, Crude
Oil Pipelines 59
6.6 China Pipeline Sector, Petroleum Product Pipelines
61
7 China Refining Sector 62
7.1 China Refining Sector, Key Data
62
7.2 China Refining Sector, An Overview 62
7.2.1 China Refining
Sector, Total Refining Capacity 62
7.3 China Refining Sector, Capacity-
Wise Market Share by Company 64
7.4 China Refining Sector, Crude
Distillation Unit Capacity 66
7.5 China Refining Sector, Coking Capacity
69
7.6 China Refining Sector, Fluid Catalytic Cracking Capacity 71
7.7
China Refining Sector, Hydrocracking Capacity 74
8 China Oil and Chemicals
Storage Sector 75
8.1 China Oil and Chemicals Storage Sector, Key Data
75
8.2 China Oil and Chemicals Storage Sector, An Overview 75
8.2.1
China Oil and Chemicals Storage Sector, Total Storage Capacity 75
8.3
China Oil and Chemicals Storage Sector, Capacity-Wise Market Share By Company
77
8.4 China Oil and Chemicals Storage Sector, Storage Capacity 78
9
Profile of PetroChina Company Limited 82
9.1 PetroChina Company Limited,
Key Information 82
9.2 PetroChina Company Limited, Company Overview 82
9.3 PetroChina Company Limited, Business Description 82
9.3.1 PetroChina
Company Limited, Business Description, Business Overview 82
9.3.2
PetroChina Company Limited, Business Description, Chemicals and Marketing
83
9.3.3 PetroChina Company Limited, Business Description, Exploration and
Production 84
9.3.4 PetroChina Company Limited, Business Description,
Natural Gas and Pipeline 86
9.3.5 PetroChina Company Limited, Business
Description, Refining and Marketing 87
9.3.6 PetroChina Company Limited,
Business Description, Major Products and Services 89
9.4 PetroChina
Company Limited, Value Chain Analysis 91
9.4.1 PetroChina Company Limited,
Value Chain Analysis, Upstream 92
9.4.2 PetroChina Company Limited, Value
Chain Analysis, Midstream 92
9.4.3 PetroChina Company Limited, Value Chain
Analysis, Downstream 93
9.4.4 PetroChina Company Limited, Value Chain
Analysis, Retail 93
9.5 PetroChina Company Limited, SWOT Analysis 94
9.5.1 PetroChina Company Limited, SWOT Analysis, Overview 94
9.5.2
PetroChina Company Limited, SWOT Analysis, Strengths 95
9.5.3 PetroChina
Company Limited, SWOT Analysis, Weaknesses 96
9.5.4 PetroChina Company
Limited, SWOT Analysis, Opportunities 97
9.5.5 PetroChina Company Limited,
SWOT Analysis, Threats 99
9.6 PetroChina Company Limited, Revenue Analysis
99
9.6.1 PetroChina Company Limited, Revenue by Segment 100
9.6.2
PetroChina Company Limited, Revenue by Geography 100
9.7 PetroChina
Company Limited, Financial and Operational Review 101
9.7.1 Financial
Statements 101
9.7.2 Financial Ratios 102
10 Profile of China
Petroleum & Chemical Corporation 103
10.1 China Petroleum & Chemical
Corporation, Key Information 103
10.2 China Petroleum & Chemical
Corporation, Company Overview 103
10.3 China Petroleum & Chemical
Corporation, Business Description 103
10.3.1 China Petroleum & Chemical
Corporation, Business Description, Business Overview 103
10.3.2 China
Petroleum & Chemical Corporation, Business Description, Chemicals 104
10.3.3 China Petroleum & Chemical Corporation, Business Description,
Exploration and Production 105
10.3.4 China Petroleum & Chemical
Corporation, Business Description, Marketing and Distribution 107
10.3.5
China Petroleum & Chemical Corporation, Business Description, Refining 108
10.3.6 China Petroleum & Chemical Corporation, Business Description, Major
Products and Services 109
10.4 China Petroleum & Chemical Corporation,
Value Chain Analysis 111
10.4.1 China Petroleum & Chemical Corporation,
Value Chain Analysis, Upstream 112
10.4.2 China Petroleum & Chemical
Corporation, Value Chain Analysis, Midstream 112
10.4.3 China Petroleum &
Chemical Corporation, Value Chain Analysis, Downstream 113
10.4.4 China
Petroleum & Chemical Corporation, Value Chain Analysis, Retail 113
10.5
China Petroleum & Chemical Corporation, SWOT Analysis 114
10.5.1 China
Petroleum & Chemical Corporation, SWOT Analysis, Overview 114
10.5.2 China
Petroleum & Chemical Corporation, SWOT Analysis, Strengths 115
10.5.3
China Petroleum & Chemical Corporation, SWOT Analysis, Weaknesses 116
10.5.4 China Petroleum & Chemical Corporation, SWOT Analysis, Opportunities
116
10.5.5 China Petroleum & Chemical Corporation, SWOT Analysis, Threats
118
10.6 China Petroleum & Chemical Corporation, Revenue Analysis 119
10.6.1 China Petroleum & Chemical Corporation, Revenue by Segment 119
10.7
China Petroleum & Chemical Corporation, Financial and Operational Review
120
10.7.1 Financial Statements 120
10.7.2 Financial Ratios 121
11
Profile of CNOOC Limited 122
11.1 CNOOC Limited, Key Information 122
11.2 CNOOC Limited, Company Overview 122
11.3 CNOOC Limited, Business
Description 122
11.3.1 CNOOC Limited, Business Description, Overview
122
11.3.2 CNOOC Limited, Business Description, Independent Operations
123
11.3.3 CNOOC Limited, Business Description, Production Sharing
Contracts 123
11.3.4 CNOOC Limited, Business Description, Trading 124
11.3.5 CNOOC Limited, Business Description, Major Products and Services
125
11.4 CNOOC Limited, Value Chain Analysis 125
11.4.1 CNOOC Limited,
Value Chain Analysis Upstream 126
11.5 CNOOC Limited, SWOT Analysis
127
11.5.1 CNOOC Limited, SWOT Analysis Overview 127
11.5.2 CNOOC
Limited, SWOT Analysis Strengths 128
11.5.3 CNOOC Limited, SWOT Analysis
Weaknesses 129
11.5.4 CNOOC Limited, SWOT Analysis, Opportunities 130
11.5.5 CNOOC Limited, SWOT Analysis, Threats 132
11.6 CNOOC Limited,
Revenue Analysis 133
11.7 CNOOC Limited, Revenue by Segment 133
11.8
Revenue by Geography 134
11.9 CNOOC Limited, Financial and Operational
Review 135
11.9.1 Financial Statements 135
11.9.2 Financial Ratios
136
12 Financial Deals Landscape 137
12.1 Detailed Deal Summary
137
12.1.1 Acquisition 137
12.1.2 Debt Offerings 143
12.1.3
Partnerships 146
12.1.4 Asset Transactions 157
13 Recent Developments
161
13.1 License Awards 161
13.1.1 Mar 09, 2009: PetroChina Receives
Approval To Build LNG Terminal In Shenzhen 161
13.2 Strategy and Business
Expansion 161
13.2.1 Apr 01, 2009: Sinopec To Construct Four Oil Storage
Bases 161
13.2.2 Mar 31, 2009: Sinopec Plans To Expand Refining Capacity
By 2010 161
13.2.3 Mar 20, 2009: Total Plans To Start Refining And
Petrochemicals Projects In China 162
13.2.4 Mar 19, 2009: PetroChina Plans
To Increase Overseas Oil And Gas Production Operations 163
13.3 Recent
Discoveries 164
13.3.1 Mar 26, 2009: CNOOC Announces Two New Discoveries
In Bohai Bay, China 164
13.4 Drilling and Production Updates 164
13.4.1 Mar 24, 2009: Sinopec Processes 3.29 Million Bpd Of Crude Oil In
January And February 2009 164
13.4.2 Mar 20, 2009: CNOOC Commences Huizhou
Refinery In China 165
13.4.3 Mar 19, 2009: CNPC To Raise Overseas Oil, Gas
Production In Next 10 Years 165
13.4.4 Mar 18, 2009: CNOOC Commences
Production From PY 30-1 Gas Field At Pearl River Mouth Basin In Eastern South
China Sea 166
13.4.5 Mar 12, 2009: Anadarko Petroleum Plans To Drill
Exploration Wells In Indonesia And China 166
13.5 Financial Announcements
167
13.5.1 Mar 30, 2009: Sinopec Reports Net Profit Of CNY29.7 Billion For
Year-End 2008 167
13.5.2 Mar 25, 2009: PetroChina Reports Turnover Of
CNY1.1 Trillion For Year-End 2008 170
13.5.3 Mar 16, 2009: China Natural
Gas Reports 2008 Results 172
13.6 Other Significant Developments 175
13.6.1 Apr 01, 2009: CNOOC To Invest CNY44.2 Billion For Expansion Of Huizhou
Refinery, China 175
13.6.2 Mar 31, 2009: PetroChina Commences Operations
On China Lanzhou-Zhengzhou Oil Pipeline 175
13.6.3 Mar 27, 2009: Sinopec' s
Commercial Oil Reserve Base In Shanghai Comes Into Operation 176
13.6.4
Mar 27, 2009: China Natural Gas Announces Resignation Of Richard Wu As Chief
Financial Officer 177
13.6.5 Mar 26, 2009: China To Encourage Its Energy
Firms For More Ventures Overseas 177
13.6.6 Mar 24, 2009: Uruguay Calls
Chinese Firms To Bid In Its Oil, Gas Round 178
13.6.7 Mar 23, 2009:
PetroChina Xinjiang To Increase Oil Storage Capacity By 60% 179
13.6.8 Mar
20, 2009: Sinopec' s Phase I Sichuan-To-East Pipeline Project To Commence In
May 2009 180
13.6.9 Mar 19, 2009: Venezuela Starts Construction Of
Venezuelan-Chinese Oil Refinery: President Chavez Says 180
13.6.10 Mar 17,
2009: CNOOC Commences Trial Run On Huizhou Refinery In China 180
13.6.11
Mar 14, 2009: Iran, China Sign $3.3 Billion Agreement For South Pars Gas Field
181
13.6.12 Mar 12, 2009: China' s Crude Oil Output Drops By 1.7% In
January And February 2009 181
13.6.13 Mar 11, 2009: CNPC To Reduce
Investment In Oil And Gas Exploration In 2009 182
13.6.14 Mar 09, 2009:
CNPC Commences Preliminary Work On Third West-East Gas Pipeline 182
13.7
New Contracts Announcements 183
13.7.1 Mar 26, 2009: China Natural Gas
Signs Power Supply Agreement For LNG Plant 183
14 Appendix 184
14.1
Methodology 184
14.1.1 Coverage 185
14.1.2 Secondary Research 186
14.1.3 Primary Research 186
14.1.4 E&P Forecasts 186
14.1.5 Midstream
Forecasts 188
14.1.6 Expert Panel Validation 188
14.2 Contact Us
188
14.3 About GlobalData 189
14.4 Disclaimer 189
1.1 List of
Tables
Table 1: China, Historical and Forecasted Production and
Consumption of Crude Oil, 1996-2020 15
Table 2: China, Historical and
Forecasted Imports and Exports of Crude Oil, 1996-2020 18
Table 3:
China, Historical and Forecasted Reserves of Crude Oil, 1996-2008 20
Table
4: China, Crude Oil and Natural Gas, Onshore Relinquishment Requirement, 2007
24
Table 5: China, Crude Oil and Natural Gas, Offshore Relinquishment
Requirement, 2007 25
Table 6: China, Crude Oil, Royalty Rate, 2007 26
Table 7: China, Natural Gas, Royalty Rate, 2007 26
Table 8: China, Natural
Gas, Profit Gas, 2007 27
Table 9: China, Crude Oil, Profit Oil, 2007
28
Table 10: China, Rate of Depreciation, 2007 28
Table 11:
South Asia, Investment Benchmarking, Overall Country Rankings, April 2008
31
Table 12: South Asia, Investment Benchmarking, Upstream Fiscal
Attractiveness, April 2008 32
Table 13: South Asia, Investment
Benchmarking, Oil Sector Performance, April 2008 34
Table 14: South Asia,
Investment Benchmarking, Economic Performance, April 2008 39
Table 15:
South Asia, Country Standings, Economic Performance, April 2008 39
Table
16: South Asia, Investment Benchmarking, Socio-Political Performance, April
2008 41
Table 17: South Asia, Country Standings, Socio-Political
Performance, April 2008 42
Table 18: China, Crude Oil Key Statistics, 2008
44
Table 19: China, Total Gross Crude Oil Production (MMBBLs), 2001-2008
45
Table 20: China, Gross Crude Oil Production (MMBBLs), by Assets,
2001-2008 46
Table 21: China, Gross Equity Weighted Crude Oil Production
(MMBBLs), by Company, 2001-2008 47
Table 22: China, Market Share (%) based
on Gross Equity Weighted Crude Oil Production, 2001-2008 49
Table 23:
China, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014
50
Table 24: China, Forecasted Assets-wise Gross Revenue (000' $),
2009-2014 51
Table 25: China, Projected Assets-wise Total Government Take
(000' $), 2009-2014 52
Table 26: China, Projected Assets-wise Total
Contractor Take (000' $), 2009-2014 53
Table 27: China, Active Oil Field
Assets Details 54
Table 28: China, Planned Oil Field Assets Details 55
Table 29: China, Pipeline Key Statistics, 2008 56
Table 30: China, Crude
Oil Pipeline Length by Company (Km), 2008 56
Table 31: China, Petroleum
Product Pipeline Length by Company (Km), 2008 57
Table 32: China, Crude
Oil Pipelines, 2008 59
Table 33: China, Crude Oil Pipelines, 2008 (Contd.)
60
Table 34: China, Petroleum Product Pipelines, 2008 61
Table 35:
China, Refinery Key Statistics, 2008 62
Table 36: China, Total Refining
Capacity (MMTPA), 2000- 2013 62
Table 37: China, Refining Capacity
Company-wise (MMTPA), 2000-2013 64
Table 38: China, Crude Distillation
Unit Capacity (MMTPA), 2000-2013 66
Table 39: China, Crude Distillation
Unit Capacity (MMTPA), 2000-2013 (contd..) 67
Table 40: China, Crude
Distillation Unit Capacity (MMTPA), 2000-2013 (contd..) 68
Table 41:
China, Coking Unit Capacity (MMTPA), 2000-2013 69
Table 42: China, Coking
Unit Capacity (MMTPA), 2000-2013 (contd..) 70
Table 43: China, Fluid
Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 71
Table 44: China,
Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 (contd..) 72
Table 45: China, Fluid Catalytic Cracking Unit Capacity (MMTPA),
2000-2013(contd..) 73
Table 46: China, Hydrocracking Unit Capacity
(MMTPA), 2000-2013 74
Table 47: China, Oil Storage Key Statistics, 2008
75
Table 48: China, Total Oil and Chemicals Storage Capacity
(Thousand M3), 2000- 2013 75
Table 49: China, Oil and Chemicals Storage
Capacity Company-wise (Thousand M3), 2000-2013 77
Table 50: China, Storage
Capacity (Thousand M3), 2000-2013 78
Table 51: China, Storage Capacity
(Thousand M3), 2000-2013 (Contd.) 79
Table 52: China, Storage Capacity
(Thousand M3), 2000-2013 (Contd.) 80
Table 53: China, Storage Capacity
(Thousand M3), 2000-2013 (Contd.) 81
Table 54: PetroChina Company
Limited, Key Facts 82
Table 55: PetroChina Company Limited, SWOT
Analysis 94
Table 56: PetroChina Company Limited, Revenue by Segment,
RMB Million, 2003-2007 100
Table 57: PetroChina Company Limited,
Revenue by Geography, RMB Million, 2003-2007 101
Table 58: PetroChina
Company Limited, Financial Statements, RMB Million, 2003-2007 101
Table
59: PetroChina Company Limited, Financial Ratios, RMB Million, 2003-2007
102
Table 60: China Petroleum & Chemical Corporation, Key Facts 103
Table 61: China Petroleum & Chemical Corporation, SWOT Analysis, 2007 115
Table 62: China Petroleum & Chemical Corporation, Revenue by Segment, RMB
Million, 2003-2007 119
Table 63: China Petroleum & Chemical Corporation,
Financial Statements, RMB Million, 2003-2007 120
Table 64: China Petroleum
& Chemical Corporation, Financial Ratios, RMB Million, 2003-2007 121
Table
65: CNOOC Limited, Key Facts 122
Table 66: CNOOC Limited, SWOT
Analysis 128
Table 67: CNOOC Limited, Revenue by Segment, Rmb
Thousand, 2003-2007 134
Table 68: CNOOC Limited, Revenue by Geography,
Rmb Thousand, 2003-2007 134
Table 69: CNOOC Limited, Financial
Statements, Rmb Thousand, 2003-2007 135
Table 70: CNOOC Limited,
Financial Ratios, Rmb Thousand, 2003-2007 136
Table 71: CNOOC Ningbo Daxie
Petrochemical Plans To Acquire Zhejiang Zhoushan Hebang Chemical 137
Table
72: China Natural Gas Acquires Lingbao Yuxi Natural Gas 138
Table 73: CNPC
Hong Kong To Acquire 97.26% Stake In Xinjiang Xinjie From CNPC 139
Table
74: PetroChina Acquires 56.66% Stake In CNPC (Hong Kong) 140
Table 75:
Zhongran Investment Acquires 30% Interest In Zhongyou Hua Dian From China
Petroleum Pipeline 141
Table 76: China National Petroleum To Sell Its
Stake In China United Coalbed Methane To China National Coal Group 142
Table 77: Sinopec Announces Debt Offering Of $2,930 Million 143
Table 78:
PetroChina Announces Debt Offering Of $11,700 Million 144
Table 79:
Petrochina Files For Bond Offering Of $8,700 Million 145
Table 80: Dalian
Port (PDA), PetroChina And Dalian Construction To Form A Joint Venture 146
Table 81: China National Petroleum To Form A Joint Venture With China Shipping
Development 147
Table 82: Xinjiang Guanghui To Form Joint Venture With
Tarbagatay Munay 148
Table 83: GreatPoint Energy Enters Into Partnership
With Datang Huayin Electric Power 149
Table 84: KazMunayGaz Enters Into
Partnership With CNPC 150
Table 85: Sinopec Enter Into Partnership With
Kuwait Petroleum 151
Table 86: China Era Energy Enters Into Partnership
With CNPC 152
Table 87: Qatar And Shell Signs Letter Of Intent To Form
Joint Venture With PetroChina 153
Table 88: Shell Partners With Arrow
Energy 154
Table 89: PetroChina Forms Joint Venture With PDVSA 155
Table 90: China Gas Holdings To Enter Into Partnership With Arrow Energy And
GAIL (India) 156
Table 91: Arrow Energy Enters Into Farm-In Agreement With
Far East Energy 157
Table 92: CNOOC To Farm-In Deepwater Block 43/11
158
Table 93: Pacific Asia Petroleum To Acquire 39% Interest In Fu710 And
Meilisi723 159
Table 94: Husky Energy To Acquire Exploration Block 63/05
From China National Offshore Oil 160
1.2 List of Figures
Figure
1: China, Energy Sector break-up, 2008 13
Figure 2: China, Crude Oil
Production And Consumption, Thousand Barrels Per Day, 1996-2020 16
Figure
3: China, Crude Oil Imports And Exports, Thousand Barrels Per Day, 1996-2020
19
Figure 4: China, Crude Oil Reserves, Million Barrels, 1996-2008 21
Figure 5: South Asia, Country Standings, Upstream Fiscal Attractiveness, April
2008 33
Figure 6: South Asia, Country Standings, Oil Sector Performance,
by Reserves-Exploration & Production, April 2008 35
Figure 7: South Asia,
Country Standings, Oil Sector Performance, by Production-Consumption &
Refining, April 2008 36
Figure 8: South Asia, Country Standings,
Exploration Blocks Awarded, April 2008 37
Figure 9: South Asia, Country
Standings, Economic Performance, April 2008 40
Figure 10: South Asia,
Country Standings, Socio-Political Performance, April 2008 42
Figure 11:
China, Crude Oil Assets Map, 2008 44
Figure 12: China, Total Gross Crude
Oil Production (MMBBLs), 2001-2008 45
Figure 13: China, Gross Equity
Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 48
Figure 14:
China, Market Share (%) based on Gross Equity Weighted Crude Oil Production,
2008 49
Figure 15: China, Crude Oil Pipeline Length by Company (Km), 2008
57
Figure 16: China, Petroleum Product Pipeline Length by Company (Km),
2008 58
Figure 17: China, Total Refining Capacity (MMTPA), 2000- 2013
63
Figure 18: China, Refining Capacity Company-wise (MMTPA), 2008 64
Figure 19: China, Refining Capacity Company-wise (MMTPA), 2013 65
Figure
20: China, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013
76
Figure 21: China, Oil and Chemicals Storage Capacity Company-wise
(Thousand M3), 2000-2013 77
Figure 22: PetroChina Company Limited,
Value Chain Analysis 91
Figure 23: China Petroleum & Chemical
Corporation, Value Chain Analysis 111
Figure 24: CNOOC Limited, Value
Chain Analysis 125
Figure 25: GlobalData Methodology 185
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